Budget 2024 | Key stock indices end in red

A man prays at the Bombay Stock Exchange building amid the presentation of the Interim Budget 2024 by the Union Finance Minister Nirmala Sitharaman in Mumbai on February 1, 2024. 
| Photo Credit: ANI

The stock markets remained unimpressed with the proposals announced in the interim budget and key indices, after witnessing a sea-saw movement throughout the day ended with losses. Whatever gains were seen prior to the presentation of the budget were wiped out.

The S&P BSE Sensex lost 107 points or 0.15% to 71,645 points. The NSE Nifty-50 Index also dopped 28 points or 0.13% to 21,697 points.

Among the Sensex stocks L&T was down 2.38%, Ultratech down 2.26% and JSW Steel down 2.03. This is despite several positive announcements concerning the infrastructure sector.

According to analysts the interim budget turned out to be a non-event. and both the Sensex and Nifty were confined to a narrow range. 

Eight out of thirteen sectors were in the red with PSU Banks and Auto stocks limiting the fall. Among individual stocks, One97 Communications shares plunged 20% after the RBI barred Paytm Payments Bank from accepting deposits or top-ups in any customer account.

Rajesh Bhosale, Technical Analyst, Angel One said, “In the upcoming session, the market may continue to respond to the aftermath of the budget announcement, with individual themes playing a significant role for traders seeking out performance opportunities. As the focus shifts from the key event, attention will revert to global developments, necessitating vigilance on the global front by traders.”